TGS announces record revenues of 281 MUSD and a proposed dividend of NOK 8 per share

Written by TGS | 07 February 2013

ASKER, NORWAY (7 February 2013) - TGS reports net revenues of USD 281.4 million in Q4 2012, compared to USD 180.9 million in Q4 2011, a 56% increase. The Company's operational multi-client investments were USD 95.3 million, up 56% from Q4 2011. TGS' net late sales totaled USD 203.7 million, up 29% from Q4 2011.

At the meeting held on 6 February 2013, the TGS Board of Directors decided to propose a dividend of NOK 8 per share to the shareholders at the June 2013 Annual General Meeting.

4th QUARTER HIGHLIGHTS

Consolidated net revenues were USD 281.4 million, an increase of 56% compared to Q4 2011.
Net late sales totaled USD 203.7 million, up 39% from Q4 2011.
Net pre-funding revenues were USD 65.0 million, up 115% from Q4 2011, funding 68% of the Company's operational multi-client investments during Q4 (investments of USD 95.3 million, up 56% from Q4 2011).
Proprietary revenues were USD 12.7 million, compared to USD 4.5 million in Q4 2011.
Operating profit (EBIT) was USD 117.9 million (42% of net revenues), compared to USD 62.7 million (35% of net revenues) in Q4 2011.
Cash flow from operations was USD 243.4 million, up from USD 189.4 million in Q4 2011.
Earnings per share (fully diluted) were USD 0.81, compared to USD 0.43 in Q4 2011.

FULL YEAR 2012 FINANCIAL HIGHLIGHTS

Consolidated net revenues were USD 932.2 million, an increase of 53% compared to 2011.
Net late sales from the multi-client library totaled USD 563.8 million, up 34% from USD 419.5 million in 2011.
Net pre-funding revenues were USD 338.2 million, up 129% from 2011, funding 68% of the Company's operational multi-client investments during 2012 (investments of USD 496.2 million, up 79% from 2011).
Proprietary revenues were USD 30.3 million, compared to 41.7 million in 2011.
Operating profit (EBIT) was USD 402.3 million (43% of net revenues), compared to USD 240.4 million (40% of net revenues) in 2011.
Cash flow from operations was USD 663.4 million, an increase of 36% from USD 486.7 million in 2011.
Earnings per share (fully diluted) were USD 2.76 compared to USD 1.65 for the same period in 2011.

"As announced at our 2013 guidance release on 8 January 2013, Q4 2012 was another record breaking quarter for TGS. We are particularly pleased to see that our existing library continues to perform well with late sales up 39% from Q4 2011," TGS' CEO Robert Hobbs stated. "Our pipeline of new investment opportunities continues to be strong in both traditional as well as new multi-client markets for TGS. The 2013 guidance therefore reflects a strong seismic market providing good opportunities for profitable growth."

To access TGS Q4 2012 results information click below:

Investor Presentation and Webcast

CEO Robert Hobbs and CFO Kristian Johansen will present the results at 08:30 CET on 7 February at Shippingklubben located at Haakon VII's gt 1 in Oslo, Norway. The presentation is open to the public and can also be followed live on the internet atwww.tgs.com.

The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.

Q4 2012 Conference Call

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 7 February 2013 at 15:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.

Norwegian attendees are invited to call 800 56054 or +47 2350 0486
International attendees are invited to call 0800 279 4992 or +44(0)20 3427 1900
US attendees are invited to call +1 877 280 1254

Participants will need to quote the following confirmation code when dialing into the conference: 9966648.

A Q&A session will follow a short introduction, based upon the presentation issued in the morning. To pose a question, please press *1.

A replay of the conference call will be available shortly after. To access replay of the TGS conference call,

dial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or +1 866 932 5017 (US)
replay access code 9966648 followed by # (pound-sign)

A replay of the conference call will also be available at www.tgs.com.

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